The Two General Categories of Lies Are

question 15

Multiple Choice

The two general categories of lies are

• A) altruistic and to gain resources.
• B) altruistic and self-serving.
• C) to protect one's self-image and self-serving.
• D) self-serving and to avoid hurting others.

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Definitions:

Adjusting

The process of making entries to update internal accounts for events that have transpired but are not yet recorded at the end of an accounting period.

Cash Basis

An accounting method where revenues are recognized when cash is received, and expenses are recorded when cash is paid out.

Accounting

The systematic process of recording, summarizing, and analyzing an organization's financial transactions.

GAAP

Generally Accepted Accounting Principles; the common set of accounting standards and procedures used in the U.S.